Name of limited partnership; reservation of exclusive right to use; application; time period; expiration; extension; transfer of right.

(a) The exclusive right to the use of a name may be reserved by any of the following: (1) Any person intending to organize a limited partnership under this act and to adopt that name. (2) Any domestic limited partnership or any foreign limited partnership registered in this state, which, in either case, intends to adopt that name. (3) Any foreign limited partnership intending to register in this state and adopt that name. (4) Any person intending to organize a foreign limited partnership and intending to have the partnership registered in this state and adopt that name. (b) The reservation shall be made by filing with the administrator an application, executed by the applicant, to reserve a specified name. If the administrator finds that the name is available for use by a domestic or foreign limited partnership, and all filing fees required by law have been paid, he or she shall reserve the name for the exclusive use of the applicant for a period expiring at the end of the fourth full calendar month following the month in which the application was filed. The administrator, for good cause shown, may extend the reservation for periods of not more than 2 calendar months each. Not more than 2 extensions shall be granted. The right to the exclusive use of a reserved name may be transferred to any other person by filing in the office of the administrator a notice of the transfer, executed by the applicant for whom the name was reserved and specifying the name and address of the transferee.